Tuesday's Market Recap - Dow Soars More Than 400 Points On Encouraging Comments From China's
What is The Premarket Telling Us?
8:00 AM.
US stock futures are solidly in positive territory, early in the premarket. Dow futures up 271 points, Nasdaq futures up 95 points,
S&P up 29 points. Investors are cheering new out of China, where President Xi, in a speech seemed to offer some relief on tariffs on cars imported by China. Markets sold off dramatically, from its high, yesterday afternoon, after the FBI executed search warrants at the offices of the president's personal lawyer.
Facebook CEO, Mark Zuckerberg, testifies on Capitol Hill this afternoon, regarding the breach of data a privacy rules by Cambridge Analitica. This is a highly anticipated event.
On The Bond Desk:
The US 10 Year Bond Yield sits at 2.79%.
Currency Desk:
Euro dollar: 1.23
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $64.56/barrel, up 1.80%.
On the Earnings Calendar:
None
In M&A News:
None
What About The Asian And European Markets?
Major Asian markets were all higher. Japan (Nikkei 225) up 0.54%, Shanghai rose 1.66%, Hong Kong (Hang Seng) gained 1.65%.
Major European markets closed with gains. German (DAX) rose 1.11%, France CAC 40 up 0.84%, London FTSE 100 up 1.00%.
Market And Sector Dynamics
Stocks opened the trading day significantly higher. The Dow surged 397.78 points, Nasdaq gained 110.70 points, and S&P gained 36.04 points, as trade tensions seems to ease for now, base on some indications that China's President Xi, may be willing to ease tariffs, on foreign automobiles.
Today's rally was broad-based, with shares of large industrials, like Caterpillar, Boeing, shares of banks, energy, and technology companies leading the way.
Nine of the eleven S&P sectors closed the day with solid gains, with energy, technology, telecommunications services, basic materials, industrials, healthcare, financials, more than 1-3%.
Factors Influencing Today's Market
A speech by China President, eased tensions about a trade war, sent markets higher.
Crude oil surged in today's trading. WTI crude oil close at $65.69/barrel, up 3.58%.
March Producer Price Index (PPI) rose 0.3% vs 0.02% in February.
Asian and European markets closed solidly higher.
Facebook CEO, Mark Zuckerberg testified on Capitol Hill this afternoon.
Market Close Volume Traded And Advance Decline Ratio
When the markets closed, the Dow rocketed 428.90 points, Nasdaq gained 143.96 points, and the S&P gained 43.71 points. Total NYSE volume traded, 3.35 billion shares. Advancing shares outpaced Declining shares by 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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